(Kericho) – Kericho County has entered into a partnership with the Youth Enterprise Development Fund (YEDF) to support young entrepreneurs by improving access to financing and business development services. This collaboration aims to address the challenges faced by youth in starting and growing businesses while contributing to the county’s economic development.
The official signing of a Memorandum of Understanding (MOU) between the Youth Fund and Kericho County Government marks the beginning of a new effort to overcome the financial and structural barriers that have long hindered young people from turning their business ideas into viable, sustainable ventures. The agreement was signed by Josiah Moriasi, the CEO of YEDF, and Kericho County Governor Dr. Erick Mutai.
Moriasi highlighted the importance of this partnership, stating that it demonstrates a shared commitment to tackling youth unemployment and fostering entrepreneurship. He emphasized that both the Youth Fund and the County Government will work together to implement initiatives that align with the economic priorities of both the county and the nation. This includes promoting financial inclusion and creating opportunities for labor export, which is expected to open up international job markets for the youth.
Under the terms of the MOU, the Youth Fund will provide young people in Kericho with access to various financial products and services. This includes loans to cover costs associated with securing employment abroad through the Fund’s labor migration program. Moriasi noted that this program would remove financial barriers that previously limited the ability of young people to pursue job opportunities in international markets.
Moriasi also shared that from July to October of this year alone, 15 youth groups in Kericho had already benefited from the Youth Fund, receiving a total of Ksh. 2.1 million. The groups primarily engaged in table banking, poultry farming, and dairy farming, sectors that hold great potential for growth and job creation in the county.
Governor Dr. Erick Mutai expressed his optimism about the partnership’s potential to uplift the youth of Kericho. He noted that the youth make up the largest demographic in the county, representing a significant potential force for economic growth. However, he pointed out that limited access to capital and the necessary entrepreneurial skills have made it difficult for young people to start and grow businesses. The partnership with the Youth Fund aims to address these gaps by providing the youth with the tools they need to succeed as entrepreneurs.
Governor Mutai also assured the youth that the partnership would help them gain access to affordable credit, as well as financing for innovative trade and labor export opportunities. This is seen as a crucial step in addressing the high unemployment rate in the county, especially in the face of rising credit interest rates.
Additionally, the collaboration will offer eligible youth in Kericho access to financing options such as Local Purchase Order (LPO) financing, asset finance, and support for the development of micro, small, and medium enterprises (MSMEs). Dr. Mutai stressed that the initiative would be transformative, providing long-term solutions to the economic challenges facing the youth.
The signing ceremony was attended by key county officials, including ICT CECM Kipruto Malel, Public Service CECM Beatrice Kaptich, and Chaik Ward MCA Mathew Korir. All of them expressed their support for the initiative and the positive impact it will have on the youth of Kericho.